Bitcoin Exchange Mycoin Bankrupt: Takes Investors' $390m

Bitcoin Exchange Mycoin Bankrupt: Takes Investors' $390m

Hong Kong-based Bitcoin exchange MyCoin.hk is reported to have gone bankrupt, taking away US$390 million worth investors' funds with it. According to The South China Morning Post, the lost money belongs to a total of 3,000 exploited MyCoin customers who all were promised double returns in over a year. One of the victims, surnamed Lau, told the newspaper that they were asked by the higher tiers of the scheme to bring more customers if they need the money back. Her statements clearly explained MyCoin was a pyramid-structured Ponzi company. Other investors shared Lau's statement and further....


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Could Hong Kong Ban Bitcoin after MyCoin Ponzi Scandal?

It was reported some days ago that the Hong Kong bitcoin company mycoin.hk went away with investors' money. According to various sources, the total estimate of losses nears $390m. Hong Kong lawmakers are now commenting on a ban on bitcoin. In the meantime, more than 25 people are reportedly flocking police headquarters to complain about the mycoin.hk scam. According to lawmakers Leung Yiu-chung and James To "The government should clamp down on bitcoin." Leung adds, "The government should not just stand aside, It's simply not enough to just ask people to exercise caution when investing .......

Weekly Bitcoin Recap for February 14, 2015

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Alleged Bitcoin Scam Organizers Arrested in Taiwan

MyCoin is currently under investigation for running a Ponzi bitcoin scam, and two of its organizers were recently arrested in Taiwan. According to Taipei's Criminal Investigation Bureau, individuals Lu Kuan-wei and Chen Yun-fei were apprehended since they have held a few events for MyCoin. "Chen and Lu held several events for investors convincing each one to spend NT$1.62 million (US$49,600) for 90 BTC and an account with MyCoin's parent company, which would distribute 0.63 of a bitcoin every day for a total value of NT$11,000 (US$337). The investors were told that their investment would....

Alleged Scammers Behind Bitcoin Exchange Ponzi, MyCoin, Arrested in Taiwan

The Chinese newspaper, China Times, has reported that on August 20, 2015, Taiwanese police arrested two suspects who allegedly scammed investors out of $1 billion NT, equivalent to $30.6 million USD. Lu Kuan-wei and Chen Yun-fei were arrested after the Criminal Investigation Bureau in Taipei received a number of complaints about fraud from victims. Editor’s Note: To be clear, Mycoin was a ponzi scheme that fronted as a Bitcoin exchange. Additionally, it needs to be noted that MyCoin is not Maicoin, a legal Taiwanese Bitcoin exchange.

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I see Bitcoin as one of the biggest things for potentially reducing the power of state and uplifting the power of the individual to happen for ... forever maybe.

Zander Marz - Author of “Beyond the Government Haunted World”